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Nouriel Roubini invited to bet against the “Buffet Bet 2.0” by Anthony Pompliano

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Nouriel Roubini aka Dr. Doom invited to bet against the "Buffet Bet 2.0" by Anthony Pompliano
Source: Unsplash

The latest buzz in the cryptocurrency eco-system in the first week of December is the wager made by the Morgan Creek Digital’s Anthony Pompliano aka Pomp, and the tragedy that has befallen the crypto-verse as Bitcoin plunges, testing new lows.

Nouriel Roubini was invited to bet against the performance of cryptocurrencies and S&P 500 index in a 10-year period by Anthony Pompliano.

The wager by Pomp is a page out of American business and investor magnate, Warren Buffet’s playbook. Buffet bet a brobdingnagian $1 million that the S&P, an index fund, would outperform five actively managed hedge funds. Buffet won that bet in 2017 and proceeded to donate his winnings to a charity.

Anthony Pompliano did the same thing but instead, bet that cryptocurrencies, in a span of 10 years, would outperform index funds, S&P 500. The bet, now being called as the “Buffet Bet 2.0”, invites any investor who believes otherwise to get on the other side of the bet.

Nouriel Roubini aka Dr. Doom of the crypto-verse commented on the recent crash of the cryptocurrency markets where Bitcoin’s prices went as low as $3,280, and the rest of the cryptocurrencies followed the path laid out by king coin.

In his tweet, Roubini said that the Bitcoin and cryptocurrency’s meltdown is continuing and that is nothing but a “pile of baloney manure nonsense”.

To this, Pomp tweeted saying that he was more than welcome to take the other side of the “Buffet Bet 2.0”. Pomp tweeted:

“You in to take the other side of this bet if you think crypto is going to zero?”

Roubini replied to him in subsequent but different tweets.

Pomp replied to this tweet saying:

“Everyone can check out our index fund at http://www.digitalassetindexfund.com Thanks for the shout out, Nouriel!”

Mark Yusko of Morgan Creek retweeted Roubini’s tweet asking him to take the other side if he is so confident about the cryptocurrencies failing.



A Twitter user Crypto LADE replied:

“Haha love it Pomp! You revived Buffett’s bet and gonna play them at their own game. Balls of steel!
Roubini would be the perfect candidate to accept the bet, but we all know he’s too cowardly. Bark but no bite.”

At the time of writing, XRP had fallen down by a massive 12% and was trading at $0.22, while Ethereum [ETH] was trading at $85.02 after collapsing by a whopping 17.5%. The rest of the top-20 cryptocurrencies have all collapsed by double digits and it seems like the doom for the cryptocurrencies kicked off with the start of December.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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